The volume of the insurance services market in Belarus increased by 14% in January-April

In January-April, the volume of the insurance services market in Belarus increased by 14% compared to the same period of the previous year to 459 million BYN, BelTA learned at the press conference “Innovations in Insurance Law: What Changes are to Come in the Insurance Market” from  Sergei Osenko, Head of the Insurance Supervision Department of the Ministry of Finance. According to Sergey Osenko, the insurance services market continues to develop dynamically, increasing the financial potential of insurance organizations and the number of insurance contracts. “For four months of this year, we have grown in volumes by 14% compared to the last year. Approximately 50% of this amount was paid to insurers for insured events,” said Sergey Osenko. In 2018, insurance premiums amounted to over 1.2 billion BYN. As of January 1 of the current year, 16 insurance organizations (of which two insurance organizations provide voluntary life insurance and supplementary pension insurance, one of which operates exclusively in reinsurance) and 28 insurance brokers carried out insurance activities in the insurance market of Belarus. Decree No. 175 “On Insurance” will come into force on September 1, and it is aimed at strengthening the protection of the property interests of citizens and organizations, increasing competitiveness and financial stability of th Belarusian insurance market.

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